CALGARY, ALBERTA--(Marketwired - Sep 19, 2016) - NXT Energy Solutions Inc. ("NXT Energy" or the "Company") (TSX:SFD)(OTCQB:NSFDF) announces that a formal proposal has been submitted to the Petroleum Resource Development Secretariat (PRDS) of Sri Lanka by NXT Energy's representative Shine Quests FZC.
In a press release issued on September 15th, it was disclosed that a pre-funded project proposal titled 'Project SHINE' has been submitted to the Sri Lankan Government to provide Multi-Client survey data of the Mannar basin.
A key part of Project SHINE will be the use of the Stress Field Detection (SFD®) Technology from NXT Energy Solutions Inc. that will provide a unique data set that will help Sri Lanka's ambition to realize potential new hydrocarbon revenues much sooner than using conventional methods alone.
"NXT technology is new and innovative, and we will be evaluating their proposal with interest. The fact that oil and gas companies have committed to pre funding the proposed survey, is indicative of positive sentiment towards the hydrocarbon potential of Sri Lanka, and we hope to translate this to higher bid activity during our next licensing round," PRDS Director General Saliya Wickramasuriya is quoted as saying in the company press release.
George Liszicasz, President and CEO of NXT commented "we are very excited to work with Shine Quest FZC and PRDS on this important project for the Sri Lankan hydrocarbon industry. We are looking forward to a positive response to Shine Quests' proposal from the Sri Lankan government, which will be for the largest SFD® survey ever undertaken. We hope to start our SFD® program before the end of Q4."
Additional relevant details of the 'Project SHINE' will be announced as they become available.
For more details on the press release and Project SHINE, please see more at: http://www.ft.lk/article/568165/Govt--calls-investors-for---48m-east-coast-oil-search#sthash.zHiLFeAb.dpuf
For further information about NXT, please contact NXT's Head office at firstname.lastname@example.org
NXT Energy is a Calgary based company whose proprietary Stress Field Detection ("SFD®") survey system utilizes quantum-scale sensors to detect gravity field perturbations in an airborne survey method which can be used both onshore and offshore to remotely identify areas with exploration potential for traps and reservoirs. The SFD® survey system enables our clients to focus their hydrocarbon exploration decisions concerning land commitments, data acquisition expenditures and prospect prioritization on areas with the greatest potential. SFD® is environmentally friendly and unaffected by ground security issues or difficult terrain, and is the registered trademark of NXT Energy Solutions Inc. NXT Energy provides its clients with an effective and reliable method to reduce time, costs, and risks related to exploration.
This news release may include forward-looking statements. When used in this document, words such as "intends", "plans", "anticipates", "expects" and "scheduled", are forward-looking statements. Forward-looking statements are subject to a wide range of risks and uncertainties, and although the Company believes that the expectations represented by such forward-looking statements are reasonable, there can be no assurance that such expectations will be realized. Any number of factors can cause actual results to differ materially from those in the forward-looking statements. Risk factors facing NXT Energy are described in its most recent MD&A for the period ended 30th June 2016, which has been filed electronically by means of the System for Electronic Document Analysis and Retrieval ("SEDAR") located at www.sedar.com. Such forward-looking statements are made as at the date of this news release, and the Company assumes no obligation to update or revise them, either publicly or otherwise, to reflect new events, information or circumstances, except as may be required under applicable securities law.
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NXT Energy Solutions Inc.
V-P Finance & CFO
Investor Relations Manager
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